Brazil cenbank sees no rate cut, worried with high inflation

BRASILIA, July 26 (Reuters) - Brazil's central bank believes
there is no room to cut interest rates as inflation remains
persistently high and expectations have failed to drop despite a
recession, according to the minutes of the bank's last
rate-setting meeting released on Tuesday.

The central bank left its benchmark Selic rate steady at
14.25 for the eight straight time last week as expected, but
changed its decision statement completely to detail the risks to
its inflation outlook.
(Reporting by Alonso Soto and Anthony Boadle)